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JULIA STANNARD reports on recent legislative and regulatory
news and developments affecting the superannuation industry.
Reform season
for super
Spring is shaping up to be an unprecedented season of reform for super, with
the government taking action to implement a number of key measures.
ACCOUNTABILITY AND MEMBER OUTCOMES
The Treasury Legislation Amendment (Improving Accountability and Member Outcomes
in Superannuation Measures No. 1) Bill 2017 was introduced into the Senate on 14
September. The Bill proposes amendments to the Superannuation Industry (Supervision) Act
1993 (SIS Act), the Corporations Act 2001, and the Financial Sector (Collection of Data) Act
2001 to implement the government’s recent announcement that it would:
• replace the current ‘scale test’ with an ‘outcomes test’ that requires trustees to
undertake an annual determination considering a number of features to ensure the
outcomes being delivered are in the financial interests of their members
• provide APRA with enhanced capacity to refuse or cancel a MySuper authorisation,
where it believes that the registrable superannuation entity (RSE) licensee may not
comply with its obligations
• provide APRA with improved directions powers to enable it to intervene at an early
stage to address prudential concerns
• align the superannuation director penalty regime with the penalty regime that applies
to directors of managed investment schemes
rules and regs
Superfunds October 2017